After the revolution of digitization of payments in India, the use of alternate modes of payment, specifically e-wallets has gained momentum. Keeping in mind the interest of common people and the risks they would subject themselves to while availing the facilities of virtual transaction methods, the Reserve Bank of India has laid down a framework for the Payment Instrument Providers so that the customers can rely on the proper and risk-free transaction methods.
Its mandated from RBI that “All authorised entities/banks issuing PPIs (Prepaid Payment Instruments) in the country are advised to carry out a special audit by the empanelled auditors of Indian Computer Emergency Response Team (CERT-In) on a priority basis and take immediate steps thereafter to comply with the findings of the audit report. The scope of the System Audit includes evaluation of the hardware structure, operating systems and critical applications, security and controls in place.”
What is PPI?
RBI vide notification dated December 9th, 2016 mandated all Prepaid Payment Instruments issuers or organisations applying for PPI license to undergo a special audit.
PPI Technical Security Audit helps the PPI issuers by providing them the necessary recommendations needed to strengthen their security posture. On December 9th, 2016, RBI made this audit compulsory and it was done to prevent cyber-attacks and encourage people to take up digital transactions. If your organization uses Prepaid Payment Instrument, you need to undertake this audit and protect your company’s valuable assets.
PPI Technical Security Audit is extremely important for all PPI issuer and business organizations. As a PPI issuer you must follow the guidelines mentioned by RBI under all circumstances for consistent business growth and secure digital transactions.
At SISA we can help you remain compliant through our highly advanced and effective PPI Technical Security Audit process. We provide real-time assistance and effective audit reporting, among other benefits outlined above.
Contact us to know the details!